Bitcoin Long Breakout NOW! Potential Target 36.5K!
Bitcoin is breaking out of the symmetrical triangle, and the potential target of this trade is 36.5K. There are two caveats to this trade setup that I do want to point out: 1. Volume, while ok, isn't as large as I'd prefer, and 2. The breakout candlestick isn't as strong/large as I'd prefer; I'd also prefer for the close of the breakout candle to be more above the triangle, whereas it is just barely above the triangle. Given these two factors, there is a risk that this isn't a real breakout and we could see price go back within the triangle in this next candle. There are a few ways to play this scenario:
1. Wait for further confirmation: Wait for more volume to come in and for more bullish candles to confirm that this is a real breakout and not a fakeout. We don't want to see a large candle that closes back within the triangle.
2. Enter a partial position here that we can add to once we get more confirmation. And if price runs up too quickly for us to add, then at least we have a position for us to profit off of that move.
Option 1 is the more conservative approach whereas option 2 is the more aggressive approach.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
1. Wait for further confirmation: Wait for more volume to come in and for more bullish candles to confirm that this is a real breakout and not a fakeout. We don't want to see a large candle that closes back within the triangle.
2. Enter a partial position here that we can add to once we get more confirmation. And if price runs up too quickly for us to add, then at least we have a position for us to profit off of that move.
Option 1 is the more conservative approach whereas option 2 is the more aggressive approach.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Comment:
Trade closed: target reached:
target of 36.5K hit!! and then some!! congratulations to all who took the trade
